At least 20 companies didn't turn a profit last year, including airline Virgin Express, Virgin Direct and V2, its record label.

FORBES: Red Baron

When the airline declined the invitation, Ornstein quit to take a job running entrepreneur Richard Branson's new low-fare Virgin Express airline.

FORBES: Second act

The growth of budget operators such as EasyJet, Go, Ryanair and Virgin Express has caused budget passenger numbers to grow 50% a year over the past three years.

ECONOMIST: Aviation: The problems stack up | The